What I would do if I were you: transfer and maintain your membership, since it sounds like you were planning on transferring regardless. Then ask your friends in this chapter to investigate with their HQ if they could initiate someone who had previously been initiated elsewhere. If then can, and they're willing to give you a bid, then you can consider resigning your current membership.

You lose nothing by holding on to your current membership, but once you resign you've lost it forever and there's no guarantee you'll be able to join another fraternity.

Once you give up your Membership, you give up all your rights and may not ever be able to join another Fraternity ever again. Remember, You are a Member for life and LIFE goes on after College!

FWIW, I understand the disappointment that your chapter of initiation isn't working out like you hoped, but some of my best friend fraternity brothers are ones that I have met as an alumnus. We share a common bond even though we didn't tailgate together, go on road trips, or sit up late in the house together talking as undergrads.

We do tailgate, go on road trips, and sit up late-ish talking now. I've even become close to brothers that I've met over FB and GC.